Save your estate to your heirs avoid inheritance

All properties must go through the registration process. The Bankruptcy Court is the judicial process to determine if a will is valid, since any qualified debt and property taxes, and distribute all assets remain.

It is potentially a very complicated legal process, and a solicitor must be involved in any estate planning.

Using these strategies to help you plan your property to avoid some common challenges in the succession process and save money: 

1. Have a valid will. Probate can last up to a year in many cases; typically this is due to a protracted process of validating the will. Probate is a legal process, so the longer it takes, the more money the attorneys make. Be sure to draw up your will with an attorney and review it annually for anything that needs to be addressed.

2. Avoid having your assets pass through probate.

  • Create one or more trusts. Assets and property within a properly drafted trust avoid the probate process. They are simply transferred to the beneficiaries of the trust. This also has the effect of providing greater protection of the assets from creditors.
  • Name beneficiaries for your 401(k) account. This will allow the account to avoid having to pass through the probate process. Again, this can provide protection from creditors.
  • Name beneficiaries for your IRA. As with the 401(k), naming at least one beneficiary will avoid probate and can shield the assets from creditors. Just call your IRA firm and they can help you out.
  • Name beneficiaries on your life insurance policies. This is the same situation as above. If you don't name a beneficiary, then the proceeds are simply paid to your estate and must pass through probate, increasing the attorney's fees. Be sure to name your beneficiaries!
  • Own Assets Jointly. This can include almost anything: real estate, vehicles, stocks, and more. A jointly owned asset is passed onto the survivor automatically.
  1. Your bank account can have a paid-on-death designation (P.O.D.), and brokerage accounts can have a transfer-on-death (T.O.D.) designation, allowing ownership of the accounts to pass directly to the beneficiaries upon your death.
     
  • Give it away: You can gift your assets to anyone you choose, each year, up to a specific amount, tax-free. As of 2011, you can give as many people as you want a gift up to $13,000 without having to worry about paying taxes on the gift.
  1. Also, the tax only kicks in after you have gifted a total of $1 million over your lifetime. Any gifts that do not exceed $13,000 do not count towards the $1 million limit. Interestingly, it is the gift-giver that is responsible for paying the tax, if any.
  2. This reduces the amount of your estate and will lower the probate costs, since they are typically based upon the total value of the estate. See your tax preparer for more information.

Except in certain circumstances, the funds, which can avoid probate fees remain subject to federal property, including the activities of a living trust. Good inheritance tax solicitor can guide you the maze in order to influence the family, the costs of succession as possible.

The real enemies of the approval process are the lack of planning and non-use of all available options. After having prepared you will have to eliminate the amount of time your property goes through the approval process. In the legal world, time is very expensive. You do not want lawyers to get their money instead of your heirs.

As you plan your estate with adequate financial and legal professionals, you can maximize the size of your estate to your family, friends and charities. The alternative is unfortunate is that most of your estate to your creditors, several lawyers and judges.

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Five Upgrades Your Renters Really Want To Consider

Because an owner, you must protect your investment earnings to attract and retain high-quality, long term tenants. To do this, it is important to ensure that the property is updated with all, or at least some of the amenity tenants wish to have in their homes.

The renovation, the focus of these most-desired home features that will help attract and retain quality tenants:

1. Wood Flooring.

If you have quality wood flooring in your rental property, you're already ahead of the game simply because wood floors make such a big impact.

Of course, authentic wood flooring would be the ideal choice. This can cost between $3.00 per sq. ft. for maple flooring up to $8.50 per sq. ft. for Brazilian wood.

Laminate plank flooring gives the same look for a fraction of the cost. It can cost as little as $0.89 per sq. ft. from flooring outlets such as www.lumberliquidators.com or www.floormaxdirect.com.

2. Updated kitchen and bathroom.

Every room in the house is important, but an updated kitchen and bathroom will make renters go gaga over your unit! Indulge in a tiled backsplash, and updated countertops and cabinets and you're sure to wow prospective renters.

A tiled backsplash can cost anywhere from $250 to over $1,000 depending on the type of tile you choose. For an inexpensive fix, choose white subway tile – a tried and true favorite amongst renters. Or if your budget allows, spring for a mosaic glass tile backsplash.

Placing granite in a rental may be a waste. Unless you're charging above market rent, you're unlikely to make your money back in a timely fashion. However, you can give your renters the feel of granite by using a granite countertop paint kit or laminate from Lowes.

3. Spring for molding.

Molding can make any home seem luxurious and finely detailed. And while molding can cost quite a bit of money, if you're willing to install the molding yourself you'll be able to save quite a bit.

When in doubt, always choose crown molding. Other popular molding options are wainscoting and chair rail. If possible, also add molding to your doorways and over windows to create a cohesive look.

If you're on a tight budget, opt for faux crown molding. The material is often plastic or faux wood, but the effect is still much the same. Chances are your renters aren't going to climb onto a ladder just to touch the crown molding.

4. Spacious Closets.

In terms of storage, renters are no different than homebuyers – they always need more storage space. If you can, move a wall back a few feet to make a walk-in closet in the bedroom. Or, at the very least, install a shelving system in the bedroom closets in order to make the closet space clearly defined and useable.

You can create your own closet system by simply installing a double-up adjustable closet rod (creates an adjustable 2nd rod) for about $10. Installing several shelves and a shoe rack will also do wonders for storage space.

All in all, this project should cost you less than $100 and the response you'll receive from renters will be worth the minor investment.

5. Get rid of the brass.

Brass finishes scream "80s' and unattended" to renters. It shows that the property has not been brought into the modern times, and therefore not worth paying premium rent to live in.

Replace brass doorknockers, doorknobs, lighting fixtures, and cabinet handles/knobs with pewter or brushed nickel finishes. It's such a small update but it makes a big difference in how the unit is perceived by prospective tenants.

Only one or two above updates immediately increased the aesthetic of the rental property. However, if the updates are implemented together, the results are astronomical: I not merely will that increase the appeal of the tenants, but also increases the value of the property.

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